Reinsurance
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The fire is the second largest in California’s history behind the August Complex Fire last year.
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The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.
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More than 100 fires have burned through provinces across Turkey, killing eight people as temperatures reach record highs.
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Reinsurers using Europe primarily as a diversifier to counter risk in peak cat zones are increasingly faced with significant loss events on the continent.
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The modeller said repairs to infrastructure could run into months.
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It marked a major increase on yesterday’s estimate of 43,400 from the satellite operator.
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The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
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There are 7,500 properties impacted by a high depth of water according to the satellite operator and flood monitor for the insurance industry.
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Experts have pegged the economic losses in the billions of euros, according to reports.
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The deaths were reported in the town of Bad Neuenahr-Ahrweiler, south of Bonn and west of the Rhine river.
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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A rampaging cat bond market should lead more cedants to consider its long-term advantages.
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